Finance:Guatemalan quetzal
| quetzal guatemalteco (Spanish) | |
|---|---|
 | |
| ISO 4217 | |
| Code | GTQ (numeric: 320) |
| Subunit | 0.01 |
| Unit | |
| Plural | quetzales |
| Symbol | Q |
| Denominations | |
| Subunit | |
| 1⁄100 | centavo |
| Banknotes | 1, 5, 10, 20, 50, 100, 200 quetzales |
| Coins | 1, 5, 10, 25, 50 centavos, 1 quetzal |
| Demographics | |
| Date of introduction | 1925 |
| Replaced | Guatemalan peso |
| User(s) |  Guatemala |
| Issuance | |
| Central bank | Bank of Guatemala |
| Website | www |
| Printer | Polska Wytwórnia Papierów Wartościowych (pl) |
| Website | Polska Wytwórnia Papierów Wartościowych |
| Valuation | |
| Inflation | 6.2% |
| Source | https://www.focus-economics.com/country-indicator/guatemala/inflation/#:~:text=Consumer%20price%20inflation%20in%20Guatemala,2022%20average%20figure%20was%206.9%25. 1-23-24 |
The quetzal (locally [keˈtsal]; code: GTQ) is the currency of Guatemala, named after the national bird of Guatemala, the resplendent quetzal. In ancient Mayan culture, the quetzal bird's tail feathers were used as currency. It is divided into 100 centavos, or len (plural lenes) in Guatemalan slang. The plural is quetzales.
History
The quetzal was introduced in 1925 during the term of President José María Orellana, whose image appears on the obverse of the one-quetzal bill. It replaced the Guatemalan peso at the rate of 60 pesos = 1 quetzal.[1] Until 1987, the quetzal was pegged to and domestically equal to the United States dollar .
Coins
In 1925, coins in denominations of 1, 5, 10 centavos, 1⁄4, 1⁄2 and 1 quetzal were introduced, although the majority of the 1 quetzal coins were withdrawn from circulation and melted. 1⁄2 and 2 centavo coins were added in 1932. Until 1965, coins of 5 centavos and above were minted in 72% silver. 1⁄2 and 1 quetzal coins were reintroduced in 1998 and 1999, respectively.
The coins currently in circulation are disc-shaped and include Guatemala's national coat of arms on the obverse.[2] The coins, and their reverse designs are:
- 1 centavo: Friar Bartolomé de las Casas[2]
- 5 centavos: the tree of liberty and the motto "LIBRE CREZCA FECUNDO (Grow free and fecund)"[2]
- 10 centavos: a monolith from Quiriguá[2]
- 25 centavos: an indigenous woman,[2] Concepción Ramírez[3]
- 50 centavos: Monja Blanca, the national flower[2]
- 1 quetzal: a stylized dove, the word "Paz (Peace)", and the date “29 de Diciembre de 1996 (29 December 1996)”[2]
Banknotes
The first banknotes were issued by the Central Bank of Guatemala in denominations of 1, 2, 5, 10, 20 and 100 quetzales, with 1⁄2 quetzal notes added in 1933. In 1946, the Bank of Guatemala took over the issuance of paper money, with the first issues being overprints on notes of the Central Bank. Except for the introduction of 50 quetzal notes in 1967, the denominations of banknotes remained unchanged until 1⁄2 and 1 quetzal coins replaced notes at the end of the 1990s.
In the top-right corner of the obverse face of each banknote, the value is displayed in Mayan numerals, representing Guatemala's cultural history.
| Image | Value | Main Color | Description | Remark | ||
|---|---|---|---|---|---|---|
| Obverse | Reverse | Obverse | Reverse | |||
|
Q0.50 | Brown | Tecún Umán, Prince and Commander-and-Chief of the Quiche Realm during the Spanish Conquest. | Tikal's Temple I | No longer in circulation but still recognized | |
|
|
Q1 | Green | José María Orellana, President of Guatemala during the Currency Reform that introduced the Quetzal as the official currency. | Main building of the Central Bank of Guatemala | Reintroduced as a polymer banknote on August 20, 2007 | |
|
Q5 | Violet | Justo Rufino Barrios, Co-Leader of the Liberal Revolution of 1871. | Education allegory | Changed to a polymer banknote on November 14, 2011[5] | |
|
Q10 | Red | Miguel García Granados, Deputy and Main Leader of the Liberal Revolution of 1871. | Picture from the Guatemalan National Assembly of 1872 | ||
|
Q20 | Blue | Mariano Gálvez, State Leader of the State of Guatemala, within the United Provinces of Central America. | Signing of the declaration of Central American independence | ||
|
Q50 | Orange | Carlos Zachrisson, Former finance minister from 1923 to 1926 | Allegory of the importance of coffee to the country | ||
|
Q100 | Sepia | Francisco Marroquín, First Bishop of the Realm of Guatemala, and Founder of the Universidad de San Carlos de Guatemala | First university building in Antigua Guatemala | ||
|
Q200 | Aqua | Sebastian Hurtado, Mariano Valverde, German Alcántara. Three marimba composers. | Allegory of the marimba, the national instrument, Musical score of La Flor del Café by Alcántara. | ||
The Bank of Guatemala has introduced a polymer banknote of 1 quetzal on August 20, 2007, followed by a 5 quetzal polymer banknote on November 14, 2011.
Exchange rate
See also
- Economy of Guatemala
References
- ↑ "Banco de Guatemala". http://www.banguat.gob.gt/inc/ver.asp?id=/en/currency+and+bills/Tran.Resena.htm.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 banguat.gob.gt
- ↑ "The woman on the 25-cent coin and other voices from Guatemala's genocide" (in en-US). 2017-08-23. http://www.entremundos.org/revista/uncategorized/the-woman-on-the-25-cent-coin-and-other-voices-from-guatemalas-genocide/?lang=en.
- ↑ banguat.gob.gt
- ↑ banguat.gob.gt
External links
- Banco de Guatemala (in Spanish)
- Images of Guatemalan coins from the Banco de Guatemala page
- Banco de Guatemala currency in circulation
- The banknotes of Guatemala (in English, German, and French)
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